Benefits of IoT in FINANCE
● Enhance the administration scope: For example, To enhance the number and position of ATMs
● Apps used for Transaction: with the internet-connected device, IOT can let make payments from anywhere
● To avoid scams: IoT and AI/ML enhance the approaches and tactics used to combat cybercrime. And many more.
IoT in the banking industry:-
There are many benefits for the banking industry, and the financial sector should use IoT best. Every industry related to finance gives utmost importance to security and privacy, for which I can provide high protection to avoid fraud in advance. Devices that are used for fraud can also be detected. IoT uses micro-sensors to collect and secure the data of users. UPI replaced credit/debit cards and liquid cash, showing IoT’s simplicity and ease. It predicts analyses and solves the complication before a complex situation.
IoT Applications in Finance:-
● Banking efficiency
● Credit risk assessment
● Debt collection
● Fraud prevention
● Personalized offering and rewards
● Capacity management
● Smart devices
● To identify theft
● Data management
● Evolution of stock market and investment
● Customer service
● Onboarding
● Connected things
Decision-making:- based on market research, pattern analysis, and data analytics, many business decisions are taken. In real-time, It helps to track performance.
Risks of IoT:- as the number of devices connected to a network and data sharing increases, it will be much easier for the someone to hack/theft it
Few examples of IoT of devices:-
1. Wallets of things:- it’s no longer the old-fashioned wallet but rather the platform which offers a secure mobile wallet for accessing digital assets and provides users with budget management information.
2. Crop value detection systems:- by using amber technology, farmers can remotely check the moisture, number of grains that can use, etc., by using their mobile phones. They can also sell their crop before it rots.
3. Wireless self-checkout:- Amazon is the best example of this. where they automated their services
4. Iot-driven car Insurance plans:- insurance plans have become more forever. Milage plans have been introduced
IoT projects reduce cost compared to any other systems. It provides effective results at low prices.
Conclusion:- I can be best utilized to its potential in industries like banking and the financial sector. It can provide the best technology in use. IoT integration with other technology like artificial intelligence, machine learning, and blockchain technology gives more than desired results.
Reference:
Written by-
Laya
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